Rise in demand for eco-friendly products as well as textile printing inks and increase in application of organic dyes in paints and coatings drive the growth of the global organic dyes market. Based on region, the market across Asia-Pacific region held the highest market share in 2019, and is expected to lead the trail throughout the forecast period.
Portland, OR, April 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global organic dyes industry generated $3.3 billion in 2019, and is expected to generate $5.1 billion in 2027, witnessing a CAGR of 5.8% from 2020 to 2027.
Rise in demand for eco-friendly products as well as textile printing inks and increase in application of organic dyes in paints and coatings drive the growth of the global organic dyes market. On the other hand, high cost of organic dyes and limitation of raw materials for production hamper the market growth. However, growth in investment from the industry players anticipates to usher a plethora of opportunities in the near future.
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The outbreak of COVID-19 pandemic led to partial or complete shutdown of production facilities during the prolonged lockdown in major countries.
However, the growing demand from the paints and coatings industries, and robust investment in new start-ups, will slowly assist the market to recoup soon.
Based on product type, the reactive segment held the largest market share, accounting for more than two-fifths of the global market in 2019, and is expected to maintain its lead throughout the forecast period. Nevertheless, the basic segment is anticipated to showcase the fastest CAGR of 9.9% from 2020 to 2027.
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Based on application, the printing inks segment dominated with the largest share, accounting for more than one-third of the global market in 2019, and will maintain its dominance during the forecast period. Conversely, the textile segment is expected to showcase the fastest CAGR of 7.5% from 2020 to 2027.
Based on region, the market across Asia-Pacific region held the highest market share in 2019, accounting for more than two-fifths of the global organic dyes market. On the other hand, Europe region is expected to maintain its highest CAGR of 6.6% during the forecast period. Other regions studied in the report include, North America and LAMEA.
Leading market players profiled in the report include BASF SE, DIC Corporation, Clariant AG, Huntsman Corporation, Cabot Corp., Dupont De Nemours & Co., and Lanxess AG.
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